Mutual Fund Assets in U.S. Exceed $10 Trillion
According to an article for Bloomberg by Matthew Keenan on October 24, mutual funds in the United States have assets in excess of $10 trillion for the first time. The three dominant funds, which control upwards to a third of all retail accounts, are Fidelity Investments, Vanguard Group, and American Funds.
Citing a report by Bobroff Consulting of East Greenwich, Rhode Island, industry assets rose to $10.32 trillion, a gain of 3.9 percent on September 30. With stock market gains and new deposits, Fidelity joined Vanguard and American as the three U.S. funds with more than $1 trillion under management each.
Fidelity holds 10.7 percent of the mutual fund market share; Vanguard has 10 percent and American 9.8. The same report said that the ten largest managers hold a 47 percent market share with the top sixty controlling 91 percent of the industry's assets.
The Bobroff report looked at mutual funds and annuity accounts holding stocks, bonds, and money market assets but excluded monies managed for institutions for such purposes as pensions and endowments.
According to the figures compiled by Financial Research Corp. of Boston, shareholders bought some $262.8 billion in mutual fund shares during the first eight months of 2006. Those numbers include approximately $168 billion in stock and bond funds and some $94.8 billion in money-market accounts.
The ten largest mutual fund companies in the United States in descending order of assets held are Fidelity Investments, Vanguard Group, American Funds, Franklin Resources Inc., BlackRock Inc., Bank of America Corp., Morgan Stanley, Allianz SE, JPMorgan Chase & Co., and Legg Mason Inc.
TYPES OF MUTUAL FUNDS
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FUNDAMENTALS OF MUTUAL FUNDS
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INVESTMENT AND MONEY MARKET
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MUTUAL FUND ANALYSIS
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